The tech billionaire said Twitter, which is in the midst of rebranding as X, has been offered 'rich incentives' to move out of the Californian city.
'Doom spiral': Elon Musk roasts San Francisco as big-name companies stage mass exodus, but says X has no plans to relocate
"Many have offered rich incentives for X to move its HQ out of San Francisco. Moreover, the city is in a doom spiral with one company after another left or leaving. Therefore, they expect X will move too. We will not," Musk explained. An urban doom loop involves a decline in workers present in offices in city centers, which results in businesses shrinking their office footprint and rental overhead. The decline in demand causes real estate prices to fall, which in turn reduces property tax revenue while other sources of tax revenue, like sales tax, also take a hit due to the reduced traffic in downtown areas.
The growing popularity of remote work has accelerated that trend, decreasing the number of workers heading to the office on a daily basis as it becomes easier than ever for workers to live in suburban and rural areas without commuting. This resulted in 1.83 million sq. ft. of occupancy loss, which increased the market-wide vacancy rate from 29.4% to 31.6%."
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